食品饮料行业中央经济工作会议解读：提振消费是亮点，明年政策将继续落地

Investment Rating - The report maintains a "positive" outlook for the food and beverage industry, indicating it is expected to outperform the market benchmark by more than 5% in the next six months [10][25]. Core Insights - The Central Economic Work Conference emphasized "boosting consumption" as a key priority, with a focus on expanding domestic demand and improving investment efficiency [1][2]. - The report anticipates a recovery in consumption driven by specific policies aimed at increasing income and reducing burdens for low- and middle-income groups, which will positively impact food and beverage consumption [3]. - The implementation of "two new" policies is expected to further enhance consumption scenarios, particularly in sectors like cultural tourism and service consumption, with projections indicating a market scale exceeding 300 billion by 2025 [2][3]. - The report suggests that the recovery of food and beverage consumption will be closely linked to overall economic prosperity, particularly in sub-sectors like liquor and condiments, which are expected to recover first [3]. Summary by Sections Policy Directions - The report outlines three main policy directions for expanding domestic demand: 1. Implementing special actions to boost consumption, including increasing basic pensions and healthcare subsidies for urban and rural residents [2]. 2. Expanding the "two new" policies to innovate diverse consumption scenarios and promote service consumption [2]. 3. Enhancing coordination and support for key projects, with an increase in central budget investments [2]. Consumption Recovery - The report predicts a trend of consumption recovery, particularly benefiting the food and beverage sector, as policies aimed at job retention and income improvement are expected to have a significant impact [3]. - It is anticipated that consumption infrastructure investments will be supported by fiscal and financial coordination, further driving demand in tourism and related sectors [3]. Investment Strategy - The report recommends a medium to long-term perspective on the recovery trend in the food and beverage sector, highlighting companies with increasing market share such as Guizhou Moutai, Anjijia Food, and Three Squirrels as key investment opportunities [3]. Company Earnings Forecasts - The report provides earnings forecasts and ratings for key companies in the industry, with Guizhou Moutai, Three Squirrels, and Anjijia Food receiving "recommended" ratings based on their expected performance [5].